ATLANTA Nectar, a first-of-its-kind cash flow financing platform for real estate entrepreneurs, has closed on a $25 million senior secured credit facility with Coromandel Capital. Nectar will use this capital to provide short-term rental owners and operators advances on their net cash flow to finance renovations, remodels, and down payments on additional properties.

With these advances, Nectar is addressing a major problem in the short-term rental space, where even the top-performing operators generate strong cash flow, but face a challenging financing environment which requires large equity commitments to grow and improve their portfolio. Nectar allows these operators to secure fast and flexible funding that works alongside first mortgage debt, without giving up equity. 

To date, Nectar has provided over $3 million in advances across nine states. 

Nectar is committed to building a better solution for short-term rental entrepreneurs who are ready to grow their portfolios. This facility with Coromandel Capital will help us fund more of the entrepreneurs in our pipeline, and we are excited to establish a partnership with a team that so fully understands and embraces our vision. _{-Derrick Barker, co-founder and CEO of Nectar}

Founded in 2019, Coromandel provides flexible, non-dilutive growth capital via secured loans to FinTech and speciality finance companies that do not conform to the credit boxes of traditional finance intermediaries. Coromandel’s facilities total more than $300 million to leading venture-backed and non-sponsored companies. A true partner and not a passive check, Coromandel is a lifecycle lender that permits its clients to earn better terms over time, while providing operational advisory and outsourced capital markets.

“Coromandel Capital is thrilled to work with Nectar. We believe Nectar is providing a much-needed service to owners and operators in the short-term rental market,” said Luke Powell, co-founder and managing partner at Coromandel Capital.

‍To learn more about Nectar, please click here.